Just after Ethereum nearly returned to its historical high from 2021, the spot Ethereum ETF experienced a day of outflows.

After nearly two weeks of significant inflows, the spot Ethereum exchange-traded fund (ETF) saw outflows this week.

On Friday, data from the U.S. spot ETH Farside showed an outflow of $59.3 million from ETFs, ending eight days of inflows, during which these products saw inflows of about $3.7 billion.

ETFs are an important signal for analyzing Ethereum's price.

According to CoinMarketCap, on Thursday, the price of Ethereum dropped by 1.94%, just 1.94% away from recovering its historical high of $4,878 in 2021, and then fell back to $4,448 at the time of publication.

The end of eight consecutive days of inflows is a key indicator for Ethereum traders, who may closely monitor ETF flows and the purchasing activity of Ethereum funds in the coming weeks to determine if Ethereum can again reach a historic high from 2021.

Some analysts stated that sustained ETF inflows are crucial for Ethereum's return to historical highs.

Nansen analyst Jake Kennis recently stated, "As long as the flow of funds and the narrative remain strong, the upward trend will continue."

Cryptocurrency trader Langerius stated that if inflows continue weekly, the price of Ethereum will reach $10,000.

Meanwhile, cryptocurrency trader Merlijin The Trader stated on Thursday: "The inflow of ETF funds has just shown a vertical growth trend. This reflects the fear of missing out (FOMO) among institutional investors."

However, sentiment platform Santiment indicated that the "bullish sentiment" expressed by cryptocurrency traders on social media towards Ethereum is not as strong as that towards Bitcoin, which historically may suggest that Ethereum's performance in the short term could slightly outperform Bitcoin.

Cointelegraph recently reported that Ethereum's staking ecosystem has reached a new high, with 877,106 ETH waiting to be withdrawn, worth $3.88 billion.

Although the increase in un-staked ETH may indicate that large-scale profit-taking is occurring, DeFi analyst Ignas stated that the accumulation and purchasing power of Ethereum funds and spot Ethereum ETFs are absorbing most of the selling pressure.